Understanding Different Types of Business Information
Lesson Objectives:
I will be able to explain the different types of infomation a business uses (Pass)
I will be able to analyse the effectiveness and reliability of these different ypes of information (Merit)
I will be able to explain the different types of infomation a business uses (Pass)
I will be able to analyse the effectiveness and reliability of these different ypes of information (Merit)
Information comes from a wide variety of sources and an effective business person will research information from a range of sources before making decisions.
Question - What do you think the different stages were that John Lewis went through before making thier 2011 Christmas advert?
What are the different types of information?
Verbal Information - The best way to comunicate but not always the most efficient. It is immediate and can solve most problems. What examples of verbal information will John Lewis look at when creating a Christmas advert?
Written Information - Can be words, diagrams, graphs and charts. Can come from a wide range of sources - newspapers, books, trade journals and government publications. What examples of written information will John Lewis look at when creating a Christmas advert?
On-Screen Information - Information may be produced on-screen. This can be seen in multimedia TV and CD-ROMs that combine text, graphics, animation, audio and video. What examples of on-screen information will John Lewis look at when creating a Christmas advert?
Multi-Media Information - This means multiple forms of media integrated together. Media can be text, graphics, audio, animation, video, data etc. An example could be a webpage with interactive guide and narration. What examples of multi-media information will John Lewis use when creating a Christmas advert?
Web-Based Information - This displays many benefits of multimedia technology. Today's fast broadband speeds allow you to stream sophisticated content to a computer anywhere in the world. This allows somebody to access this information wherever they are. This can also be accessed by smartphones. What examples of web-based information will John Lewis use when creating a Christmas advert?
Written Information - Can be words, diagrams, graphs and charts. Can come from a wide range of sources - newspapers, books, trade journals and government publications. What examples of written information will John Lewis look at when creating a Christmas advert?
On-Screen Information - Information may be produced on-screen. This can be seen in multimedia TV and CD-ROMs that combine text, graphics, animation, audio and video. What examples of on-screen information will John Lewis look at when creating a Christmas advert?
Multi-Media Information - This means multiple forms of media integrated together. Media can be text, graphics, audio, animation, video, data etc. An example could be a webpage with interactive guide and narration. What examples of multi-media information will John Lewis use when creating a Christmas advert?
Web-Based Information - This displays many benefits of multimedia technology. Today's fast broadband speeds allow you to stream sophisticated content to a computer anywhere in the world. This allows somebody to access this information wherever they are. This can also be accessed by smartphones. What examples of web-based information will John Lewis use when creating a Christmas advert?
What are the different purposes of information?
Reliable and valid information is essential to all businesses and organisations. Without this reliable information a business will have no idea of where it stands in its market, its financial and sales figures or how to proceed in the future. Organisations use information for a variety of purposes.
Updating knowledge - It is vital that businesses keep up to date with changes within thier markets. Information is requried so that businesses know:
- how their markets are developing
- how labour markets are changing
- what the economy is doing
- what new laws are being passed that might affect the way they operate
All of this information helps organisations to make accurate decisions based on full knowledge. Incorrect decisions are likely to be the result of inadequate information. Why is it important that John Lewis stays up to date with its knowledge when creating a new advertising campaign?
Informing future developments - A business that does not adapt, develop and grow will quickly find itself left behind by the competition. But developments need to be based on informed decisions. A business will not release a new product unless it has evidence that it will sell. Why is it important that John Lewis uses information in making future decisions?
Strategic direction and SWOT analysis
Updating knowledge - It is vital that businesses keep up to date with changes within thier markets. Information is requried so that businesses know:
- how their markets are developing
- how labour markets are changing
- what the economy is doing
- what new laws are being passed that might affect the way they operate
All of this information helps organisations to make accurate decisions based on full knowledge. Incorrect decisions are likely to be the result of inadequate information. Why is it important that John Lewis stays up to date with its knowledge when creating a new advertising campaign?
Informing future developments - A business that does not adapt, develop and grow will quickly find itself left behind by the competition. But developments need to be based on informed decisions. A business will not release a new product unless it has evidence that it will sell. Why is it important that John Lewis uses information in making future decisions?
Strategic direction and SWOT analysis
Strategic management is the process by which organisations determine thier purpose, objectives and desired levels of attainment. It helps a business decide on actions for achieving these objectives in appropriate timescale. It allows the business to implement the actions and assess progress and results.
In order to establish strategic direction, businesses require large amounts of info. Once they have this info they use a tool known as a SWOT analysis to audit the organisation and its environment. Complete a SWOT analysis for John Lewis. Why would John Lewis use a SWOT analysis before creating a new advertising campaign?
Offering competitive insight - Businesses need to be aware of what their competitors are doing, to ensure they do not fall behind and lose sales and market share. Regular research and communication should help a business to assess its competitors' sales, marketing and development activities. Why would John Lewis need to be aware of it's competitors activities when planning for a new advertising campaign?
Communicating sales promotions - Businesses use a variety of information and methods to communicate sales promotions to customers. They place information about products, services and special offers on their websites, and have newspaper and journal adverts, and television and radio adverts. Good market research information will offer an insight into the behaviour patterns of customers and their buying motivations. Information can therefore help businesses to promote thier goods and services and to sell more effectively. Why is it important that John Lewis communicates its sales promotions to customers?
In order to establish strategic direction, businesses require large amounts of info. Once they have this info they use a tool known as a SWOT analysis to audit the organisation and its environment. Complete a SWOT analysis for John Lewis. Why would John Lewis use a SWOT analysis before creating a new advertising campaign?
Offering competitive insight - Businesses need to be aware of what their competitors are doing, to ensure they do not fall behind and lose sales and market share. Regular research and communication should help a business to assess its competitors' sales, marketing and development activities. Why would John Lewis need to be aware of it's competitors activities when planning for a new advertising campaign?
Communicating sales promotions - Businesses use a variety of information and methods to communicate sales promotions to customers. They place information about products, services and special offers on their websites, and have newspaper and journal adverts, and television and radio adverts. Good market research information will offer an insight into the behaviour patterns of customers and their buying motivations. Information can therefore help businesses to promote thier goods and services and to sell more effectively. Why is it important that John Lewis communicates its sales promotions to customers?
Inviting support for activities - Information is required in order to support business activities. This information must be communicated to all staff. This support may have to come from people inside or outside of the organisation. E.g. A business may wish to change the way it operates (efficiency, fair trade etc) and it must have the support of its workforce. The information must be clearly explained with reasons to the staff. Why would John lewis need to ensure that all staff are aware of the strategy it chooses to use when creating a new advertising campaign?
What are the different sources of information?
(Internal) - Internal information could come from a variety of sources within the organisation. What information can John Lewis get from the following departments?
Finance, Sales, HR, Production, Marketing, Customer Services, Admin
(External) - External data exists in the form of published materials, collected by someone else outside the company.
Government - These are supplied by, among others, the ONS, the DTI and the OECD. Some of the key government publications include the Monthly Digest of Statistics, Regional Trends and Labour Market Trends.
Trade Groupings - These are groups of businesses from the same industry or marketplace that provide a service to representatives of their industry. They can act as pressure groups to initiate positive change for their industry (RMT, NUT). They also publish trade journals which can be very useful.
Commercially Provided Databases - Many private research organisations specialise in building up databases of people who are known to have interests in certain products and services. These can then be bought.
Research - Organisations continually conduct research to find out about their markets, customers and views of their staff. Market research always incorporates some form of data collection, whether it is secondary research or primary research.
Which external sources will John Lewis look at using when creating a new advertising campaign and why?
Reliability of Data - When gathering information, it is vital that you determine how valid the information is. Ask yourself whether it is accurate, relevant and truthful and whether there is a bias.
Finance, Sales, HR, Production, Marketing, Customer Services, Admin
(External) - External data exists in the form of published materials, collected by someone else outside the company.
Government - These are supplied by, among others, the ONS, the DTI and the OECD. Some of the key government publications include the Monthly Digest of Statistics, Regional Trends and Labour Market Trends.
Trade Groupings - These are groups of businesses from the same industry or marketplace that provide a service to representatives of their industry. They can act as pressure groups to initiate positive change for their industry (RMT, NUT). They also publish trade journals which can be very useful.
Commercially Provided Databases - Many private research organisations specialise in building up databases of people who are known to have interests in certain products and services. These can then be bought.
Research - Organisations continually conduct research to find out about their markets, customers and views of their staff. Market research always incorporates some form of data collection, whether it is secondary research or primary research.
Which external sources will John Lewis look at using when creating a new advertising campaign and why?
Reliability of Data - When gathering information, it is vital that you determine how valid the information is. Ask yourself whether it is accurate, relevant and truthful and whether there is a bias.